- Energy Materials
- Conductive Polymers
- Functional Composites
- Metal matrix composites
- Fibre-reinforced plastics
Advanced functional materials market was valued at USD 107.3 billion in 2022 and is poised to grow at a CAGR of 7.1% over 2023-2029. Advanced Functional Materials (AFM) are a class of materials that have been created and manufactured to perform better than conventional materials. These materials have unique qualities or functions that make them attractive for particular applications. Chemistry, physics, materials science, and engineering are just a few of the disciplines that are frequently combined in the development of improved functional materials. The increasing demand for electronics with the shifting preference for smaller, lighter, and more powerful electronic devices drives the need for advanced functional materials. Furthermore, the market is also anticipated to propel owing to the global rise in demand for minimal sustainable energy solutions from end-user applications in engineering and cars, paired with strict regulatory environmental laws.
Additionally, there is a sizable potential opportunity for manufacturers and researchers for new healthcare product development due to the rising demand for sophisticated functional materials in healthcare applications such as biosensing, medication delivery, and tissue engineering. Currently, using nanocomposites, that combine nanoscale materials with conventional matrices, is becoming a trend in the market since it offers better qualities for a variety of applications. But the high cost of research & development, and production of advanced functional materials along with the lack of uniform testing procedures and characterization processes may hinder the growth of the market. However, the ongoing technological advancements, increased demand for electronics, increasing initiatives and regulations by the government, rising environmental concerns, and increased investments for research and development activities by the key players are anticipated to burgeon the market growth over the forecast years.
Fastest Growing Market
The increasing demand for electronics drives the advanced functional materials market and is anticipated to dominate the market growth owing to the rising need to manufacture new electronic devices that are smaller and more compact while increased their functionality. Furthermore, the electrical and electronic sectors use advanced functional ceramics because of their electromechanical, ferromagnetic, highly conductive, and conduction properties, that enable its use in smartphones and computers. Advanced functional ceramics are used to create sensors, integrated circuits, separators, and suspension components. Additionally, the desire for flexible and bendable electronics, such as wearable electronics and flexible screens, has sparked research into improved materials that can tolerate bending without losing performance. Additionally, the rising research and development activities in nanomaterial and nanotechnology in the electronics sector are anticipated to propel the market demand.
The advanced functional materials market valued at USD 107.3 billion in 2022 and is expected to grow at 7.1% CAGR over the forecast period 2023 – 2029.
The use of nanocomposites, that combine nanoscale materials with conventional matrices, is becoming a trend in the market since it offers better qualities for a variety of applications.
BASF SE, Arkema Group, Momentive Performance minerals, CNANO Technologies Ltd., Kyocera Corporation, Covestro AG, 3M, Evonik Industries AG., Bayer AG, Applied Nanotech Holdings, Inc. are a few companies operating in advanced functional materials market.